Borrowing in retirement

Borrowing in retirement allows borrowers who are already retired to take out a new mortgage with a term up to the eldest applicant’s 85th birthday, rather than our standard maximum age of 75.

Borrowing in retirement is available to remortgage customers and to existing borrowers who are moving home.

Lending terms

  • Only retirement income can be used when calculating affordability
  • Maximum new loan amount of £150,000 (this is in addition to any mortgage balance being ported)
  • Maximum loan to value of 60% LTV
  • Maximum age at application is 80 (age next birthday)
  • Mortgage term cannot extend beyond the eldest applicants 85th birthday
  • Not available in conjunction with affordable housing schemes, such as Equity Share or Shared Ownership
  • Not to be used for Debt Consolidation, savings or investment purposes

For joint applications

When calculating the maximum affordable amount we will only use 50% of each applicant's pension income.

Both applicant's pensions must include a dependent's provision to continue to pay at least 50% of the pension to the other applicant in the event of death. If the pension does not include such a clause, it will be ineligible and can't be included for affordability. Proof of the dependent’s pension clause will be requested as part of the application.

How to submit a borrowing in retirement application

Applications for borrowing in retirement can be submitted via NFI Online and MTE (with the exception of porting loans which are only available via NFI Online). When submitting a borrowing in retirement application, you should select "borrowing in retirement" from the external scheme list.